Canadian Halal Investor.

TSX Shariah screener · October 2026

Is i-80 Gold Corp (IAU) Halal?

FAIL

i-80 Gold Corp · TSX: IAU · Materials

The short answer

i-80 Gold Corp (TSX: IAU) is a FAIL. The business gate passes: it is a Nevada gold/silver mining company with no prohibited segments. The debt gate passes: total interest-bearing debt of US$445.7M is about 31.3% of the ~US$1,422M market cap (865.9M shares × C$2.36, October 1, 2026), under the ~33% ceiling. The income gate fails decisively: separately disclosed interest income of US$4.798M is about 19.7% of Q2 2026 revenue of US$24.3M, far above the ~5% ceiling (the H1 2026 basis also fails at ~7.0%). The driver is the huge US$464.6M post-recapitalization cash balance earning interest while mine revenue is still ramping. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.

Gate 1 — Business activity: PASS

i-80 Gold Corp is a Nevada-focused gold and silver mining company. Its wholly-owned Nevada assets are the Granite Creek property (underground mine ramping up — Q2 2026 production 11,098 oz, H1 2026 21,964 oz; feasibility study expected Q3 2026), the Ruby Hill property (Archimedes underground development on schedule toward first gold by year-end 2026), the Cove property, and the Lone Tree property (carbon-in-leach + autoclave processing plant being refurbished, commissioning targeted end-2027). All revenue is gold/silver sales in the United States. There are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The business gate passes.

Gate 2 — Debt and cash: PASS (but close)

Total interest-bearing debt at June 30, 2026 (Q2 2026 Form 10-Q) was US$445.7M (US$0.683M current + US$445.0M long-term). Against a market cap of ~US$1,422M (CA$2,026.3M ÷ 1.42478 USD/CAD, October 1, 2026; 865.9M shares × C$2.36, TSX), that is about 31.3% — under the ~33% ceiling, though close. Debt ballooned after the March 2026 recapitalization: a US$287.5M offering of 3.75% unsecured senior convertible debentures due 2031, a concurrent US$150M gold prepay, and a US$225M royalty agreement — proceeds repaid the 2023 convertible debentures, the Orion convertible loan, and the Orion gold prepay. Cash and equivalents of US$464.6M is about 32.7% of market cap — under the ~33% guideline, very close. The debt gate passes.

Gate 3 — Non-compliant income: FAIL

The Q2 2026 Form 10-Q separately discloses interest income of US$4.798M in the quarter (Note 13, “Other income” breakdown — not netted), US$5.383M in H1 2026. Against Q2 2026 revenue of US$24.348M, that is about 19.7% — far above the ~5% ceiling. On the H1 2026 basis it is about 7.0% (US$5.383M ÷ US$76.738M) — still a fail, so the verdict is robust to period choice. The cause is structural: the US$464.6M cash pile from the March 2026 recapitalization earns substantial interest while mine revenue is still ramping. The income gate fails decisively.

Key figures used

Frequently asked questions

Is i-80 Gold (IAU) halal?

Our October 2026 screen gives i-80 Gold Corp (TSX: IAU) a FAIL. The income gate fails decisively: separately disclosed interest income of US$4.798M is about 19.7% of Q2 2026 revenue of US$24.348M — far above the ~5% ceiling (the H1 2026 basis also fails at about 7.0%). The driver is the huge post-recapitalization cash balance (US$464.6M) earning interest while mine revenue is still ramping. The business gate passes (Nevada gold/silver mining, no prohibited segments) and the debt gate passes (about 31.3% of market cap, under the ~33% ceiling). No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.

What does i-80 Gold do?

i-80 Gold is a Nevada-focused gold and silver mining company. Its wholly-owned Nevada assets are the Granite Creek property (underground mine ramping up — Q2 2026 production 11,098 oz, H1 2026 21,964 oz), the Ruby Hill property (Archimedes underground development toward first gold by year-end 2026), the Cove property, and the Lone Tree property (carbon-in-leach + autoclave processing plant being refurbished, commissioning targeted end-2027). All revenue is gold/silver sales in the United States — there are no prohibited business segments.

How much debt does i-80 Gold have?

At June 30, 2026 (Q2 2026 Form 10-Q), total interest-bearing debt was US$445.7M (US$0.683M current + US$445.0M long-term). Against a market cap of ~US$1,422M (CA$2,026.3M ÷ 1.42478 USD/CAD; 865.9M shares × C$2.36, October 1, 2026, TSX), that is about 31.3% — under the ~33% ceiling, so the debt gate passes, though close. Debt ballooned after the March 2026 recapitalization (US$287.5M of 3.75% senior convertible debentures due 2031, a US$150M gold prepay, and a US$225M royalty agreement), whose proceeds repaid the 2023 convertibles and Orion facilities.

Does i-80 Gold earn interest income?

Yes — materially. The Q2 2026 Form 10-Q separately discloses (Note 13, “Other income” breakdown, not netted) interest income of US$4.798M in the quarter (US$5.383M in H1 2026). Against Q2 2026 revenue of US$24.348M, that is about 19.7% — far above the ~5% ceiling. On the H1 2026 basis it is about 7.0% (US$5.383M ÷ US$76.738M), still a fail. The cause: the US$464.6M cash pile from the March 2026 recapitalization earns interest while mine revenue is still ramping. The income gate fails decisively.

What do third-party Shariah screeners say about IAU?

No Zoya, Musaffa, or ShariaPortfolio rating was found for IAU/IAUX in public search — none of the three named providers surfaced coverage, so no rating is claimed. Outside the named three, MuslimXchange’s limited preview page shows IAUX as “currently not Shariah compliant” (June 2026, detailed ratios behind a paywall) — directionally consistent with our FAIL, but not one of the site’s tracked providers.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.